Donald Trump’s Memecoin Faces Legal Scrutiny Over Potential Violations – BitRss

A US-based think tank has requested the Department of Justice to investigate the legal status of the new memecoin launched by President Donald Trump prior to taking office in January. Allegations suggest that this digital asset might violate federal laws regulating donations to government officials.

The Launch of the Memecoin and Market Status

Reports indicate that President Trump introduced the official TRUMP ($16.95) memecoin in mid-January, which rapidly increased in value. Currently, this digital asset ranks 41st in the industry based on its market value. This development is viewed as a significant movement within the digital asset market.

Legal Claims and Criticism

Officials from the consumer advocacy group Public Citizen expressed concerns in a letter to the Department of Justice and the Office of Government Ethics. They argue that the memecoin may exceed legal limits for donations to government officials. The statement notes that the memecoin is not presented as an “investment opportunity, investment contract, or any security” on its official website.

“When a person sends money for the Trump memecoin, they do not purchase a tangible product. Instead, a digital receipt is obtained through